Accession Number:

AD0601263

Title:

EXISTENCE OF COMPETITIVE EQUILIBRIA IN MARKETS WITH A CONTINUUM OF TRADERS.

Descriptive Note:

Corporate Author:

RAND CORP SANTA MONICA CALIF

Personal Author(s):

• Aumann,R.

Report Date:

1964-06-01

Pagination or Media Count:

71.0

Abstract:

It is well known, and easy to establish, that there exist markets that do not have competitive equilibria, provided the traders do not have convex preferences--that is, that the set of commodity bundles preferred or indifferent to a given bundle is not always convex. It is proved, nevertheless, that in a market consisting of a continuum of traders, each one individually insignificant, there is always a competitive equilibrium, even when the preferences are not convex. Author

Descriptors:

• (*COMMERCE
• THEOREMS)
• MATHEMATICAL ANALYSIS
• MATHEMATICAL MODELS
• THEORY

Subject Categories:

Distribution Statement:

APPROVED FOR PUBLIC RELEASE